Strategic Storage Trust Inc., a publicly registered, non-traded real estate investment trust (REIT), released its financial results for the quarter ended June 30. The company reported year-over-year same-store revenue and net operating income (NOI) increases of 8.8 percent and 15.7 percent, respectively, for the second quarter, compared to the same quarter in 2013. Same-store average occupancy increased 3.6 percent year over year to 86.5 percent.
"We are pleased with the Q2 results,” said H. Michael Schwartz, CEO. “Our top-line growth in same-store revenues and NOI has continued to increase and contributed to our [second] quarter with positive net income. Our increase in occupancy will afford us potential positive rental-rate growth. In addition, our integrated technology, enhanced revenue-management system, along with our next-generation marketing platform, has proven to provide incrementally positive results."
The company also decreased its property operating expenses as a percentage of revenue to 31.6 percent during the quarter from 35.9 percent compared to the same quarter in 2013.
For the first six months of 2014, Strategic Storage Trust posted an 8.2 percent increase in same-store revenue and a gain of 11.8 percent in NOI, compared to the first six months last year. Same-store average occupancy for the six months increased 3.3 percent year over year to 85 percent.
The company’s board of directors declared a third-quarter distribution of $0.001917808 per day per share on the outstanding shares of common stock. It’s equivalent to an annual distribution rate of 7 percent, assuming the share was purchased for $10, and approximately 6.5 percent, assuming the share was purchased for $10.79.
Launched in 2008, Strategic Storage Trust operates a portfolio of 126 self-storage facilities in 17 states and Canada. The properties comprise approximately 80,000 units and 10.5 million rentable square feet of storage space.
